- Political cronyism/sponsored Corruption in India
- Campaign Finance = Bribes
- Awarding Contracts and Licenses
- Political MONEY Directly Goes Abroad regardless of Party
- Well connected Lawyers and Judges Need to Hide Money also!
- Terror Financing - UAE the center of Terrorism world
- Inactive Family members store of capital
- Corruption doing Anti-Corruption Campaigns
- Generate Overseas Income on initial stake to Accumulate large overseas
- Government Employees Hide Money abroad
- Congress members stash money abroad - sourced from Sugar factories and Education Money Makers
- How India "FIGHTS" Offshore hiding, Black Money and Tax Evasion
- Corruptions and Looting Built-into very Structure of Institutions
- === Modi/BJP - 2014- Corruption Fighting or No Progress?
- MODI Era Performance Track Record
- Favored Corporates of Modi Era 2015+ Pulling Puppet Strings
- Corruption under Congress <2000 -2014
Political cronyism/sponsored Corruption in India
Campaign Finance = Bribes
Awarding Contracts and Licenses
- Indira's Licenses Raj restricted large
Political MONEY Directly Goes Abroad regardless of Party
Well connected Lawyers and Judges Need to Hide Money also!
Harsh Salve, Crestbright, Pyebush Gp, Edenval Ltd, BVI. One of the most sought-after lawyers in the country, Harish Salve has represented celebrity clients in the Supreme Court. He was Solicitor General of India between 1999 and 2002. MF records show that Salve and his family members registered three offshore companies in the BVI — Crestbright Ltd, Pyebush Group Ltd and Edenval Ltd — through the London-based agent Rawi & Co with Vasant Vihar in New Delhi as the India address.
Jehangir S Sorabjee, Offshore entity: Moonglow Investments Global Ltd Location: BVI. He is the son of former attorney general Soli Sorabjee and a honorary consultant physician at Bombay Hospital, is the sole shareholder in Moonglow Investments Global Ltd, an offshore entity incorporated in the British Virgin Islands on November 24, 2010. On the same day, MF records show, he consented to act as a director of the company.
Terror Financing - UAE the center of Terrorism world
Iqbal Mirchi was a famous "financier" who was wanted by Mumbai Police for allegedly having handled the finances of Dawood Ibrahim, and arrested by Scotland Yard after the CBI issued a Red Corner Notice against him. Inspite of massive holdings in London and UAE, he successfully resisted attempts to extradite him to India.
UAE, Real estate connections. Internal checklists stated that the source of funds for investments in these offshore firms were “hospitality in UAE and real estate business activities”.
Iqbal Mirchi family setup Country Property Ltd, a British Virgin Islands (BVI) entity in 2010 by Iqbal Mirchi’s wife, Hajra Iqbal Memon, and their two sons, Junaid Iqbal Memon and Asif Iqbal Memon. Iqbal died of a heart attack at the age of 63 in 2013.
Country was just one of the 17 offshore companies formed to manage his real estate empire with properties in the UK, Cyprus, Turkey, Morocco and Spain. Share certificates were held by the three Memons jointly, while a new certificate was issued for Junaid Iqbal Memon and Asif Iqbal Memon.
His family were residing with his wife in the UAE. obviously tried to keep hold of the offshore money years after his death via another BVI entity incorporated by the family in 2015, just five months before the global data leak, called FSN Properties Ltd. They show that both these entities were set up to manage “real estate investment in the UK”.
Inactive Family members store of capital
Panama documents show Ashwarya Rai used her father Kotedadi Ramana Rai Krishna Rai, mother Vrinda Krishna Raj Rai and brother Aditya Rai were appointed on May 14, 2005, as directors of Amic Partners Limited — with an initial authorised capital of $50,000.
Corruption doing Anti-Corruption Campaigns
Anurag Kejriwal was the Delhi president of Lok Satta Party before being expelled following a purported sting operation by a TV channel ahead of the 201 4 Lok Sabha elections. MF records list him as a director in at least three offshore entities in the British Virgin Islands (BVI) and show that he floated at least two private foundations in Panama. He is also shown as holding power of attorney of another BVI company. The Lok Satta was founded in 2006 by Jayaprakash Narayan, a former IAS officer. Kejriwal led the party’s unit in Delhi and was a member of its National Steering Committee but was expelled after the sting operation in April 2014. He lives in Delhi, has business interests in Kolkata.
Generate Overseas Income on initial stake to Accumulate large overseas
At that time, shipping companies were likely great investments. Amitabh ended up owning Lady Shipping/Treasure Shipping/Sea Bulk etc Two years before he launched Amitabh Bachchan Corporation Limited (ABCL) in 1995, the Bollywood legend was appointed director in at least four offshore shipping companies. Records of international law firm Mossack Fonseca, reviewed by The Indian Express, and subsequent inquiries show that the four companies, in which Bachchan was appointed director, were registered in tax havens — one in the British Virgin Islands and three in the Bahamas in November 1993.
Government Employees Hide Money abroad
Prabhash Sankhla Offshore entity: Lotus Horizon SA Location: Panama. Prabhash Sankhla is a retired Madhya Pradesh government employee who lives alone in Indore after his wife passed away three years ago. MF records list his name, along with address, as a director in Lotus Horizon SA, incorporated in July 2012 in Panama.
Congress members stash money abroad - sourced from Sugar factories and Education Money Makers
Rajendra Patil. Offshore entity: Elgenburg Ltd. Location: BVI. Rajendra Patil is the son-in-law of veteran Congressman and Karnataka Horticulture Minister Shamanur Shivashankarappa, a businessman and educationist who owns medical and engineering colleges in Davangere. Patil runs a sugar export company and is also involved with energy, aviation, textile, education and Internet firms run by the Shivashankarappa family. According to MF records, Patil and two associates, Sanjay Nadgouda and Shashank Angadi, set up an offshore firm called Elgenburg Ltd in the British Virgin Islands in 2007 with an initial shareholding of 50,000 shares with Patil holding 22,500 of them
Anil Vasudeva Salgaocar a former MLA, No. of offshore entities: 11. Location: BVI A Goa-based mining baron and former MLA, Anil Vasudeva Salgaocar had set up 11 offshore companies with the help of MF, mostly in the BVI, with a majority of them being incorporated between 2004-2005 with Vasco Da Gama in south Goa as the India address. Salgaocar, 75, died in Singapore in January following illness.
How India "FIGHTS" Offshore hiding, Black Money and Tax Evasion
Liberalised Remittance Scheme (LRS)
- Only in Feb 2004 - RBI announced Liberalised Remittance Scheme (LRS) - allowed $25,000 per capita to take outside, dump it or spend it!
- Then raised by 2014 - $250,000/yr can be taken out - for any person
- Individuals could invest in shares etc. abroad
- 2010 RBI put a call - said LRS cannot be used to setup companies abroad!
FEMA/ RBI Regulations no Foreign remittances for decades
Multi Agency Group (MAG)
Central Board of Direct Taxes (CBDT)
Law firms in Bahamas/Panama, Cyprus Cy-4060 - Documents held in secrecy
The formation of the SIT was the very first decision taken by the Narendra Modi Government in May 2014. The Panama Papers come at a time when the Special Investigating Team (SIT) on black money headed by former Supreme Court Judge M B Shah is finalising its new action-taken report.
The Mossack Fonseca data contains details of entities set up almost four decades ago from 1977 up to those registered just four months ago, that is, December 2015.
Clearly, it covers the period when India began signing tax agreements with other countries to accelerate cooperation on undisclosed and untaxed assets. And the years when tracking black money has become the centre of political and economic discourse.
The worldwide expose also comes just six months after the 90-day “compliance scheme” for declarations of offshore assets and accounts ended on September 30, 2015 and brought just Rs 3,770 crore from 637 declarants.
The window now closed, strict penalties and a jail term have been announced for anyone found to have undisclosed and undeclared foreign assets and accounts.
- Bahamas law firm Appleby in the Paradise Papers revelations
Panama law firm Mossack Fonseca leaked in Panama Papers Apr 2016 - Dec 2017
Only AFTER the leak did these law firms try to fulfill due diligence norms, eg.
- Beneficial Owner (BO), wherever available, or demanded that the name be immediately disclosed.
Corruptions and Looting Built-into very Structure of Institutions
Police - petty corrupt dictators - extracting from common man
Police - Criminal/Drug Lord connections
PSU Banks - Bribes common to award Large loans
Public Sector fat and lazy employees allowed to
=== Modi/BJP - 2014- Corruption Fighting or No Progress?
2014 campaign under Anti-Corruption
Modi - Demonetization Destroyed small and informal sectors - politicians hid in gold
MODI Era Performance Track Record
No prosecutions against corruption revealed in Panama papers
The panama papers were one of the largest data leaks in the history revealed how the richest Indians hide their cash, just like the rich Chinese. Names of 500+ Indians were revealed in this.
AN INDIAN link has emerged between the two explosive data leaks in two years — Panama Papers (2016) and Paradise Papers (2017) — that lifted the veil on the opaque world of offshore firms in tax havens.
Indian Express analyzed thousands of files indicating that 234+ Indian passports used to ID the accounts being opened in order to exploit Panama and attorneys to exploit the secretive, lax regulatory system to setup offshore entities in tax havens. In particular the law firm Mossack Fonseca connected to 140 top politicians in more than 50 countries.
- Even Pakistan has removed its Prime Minister based on these papers.
- Modi has taken no public steps about the 156 Indian Names
Swiss Books still closed
No Black Money brought back despite Modi'2014 Campaign Promises
Modi campaigned in 2014 and promised to bring back total black of monies of Indians stored abroad, each citizen would get fifteen lakhs of rupees.
However, not only has no money provided, no disclosure of the names
No reporting on progress in bringing back the black money of Indians staked abroad?
Favored Corporates of Modi Era 2015+ Pulling Puppet Strings
Modi has had favored support of Corporates
Nitin - favor Modi
Jatin - favor Modi
Nirav Modi/Chokshi and a host of Gujarati jewellers and gold merchants - favor Modi
Nirav Modi - close "friend" and Mehul Choksi - Escaped with $2b+
Vijay Mallya escaped
Rafale Airplanes Deal - secrecy shrouded
Is there crony capitalism during Rafale Deal? However BJP govt is shielding itself under the clout of secrecy.
- Corruption Is Still Thriving In Modi's India
- Is Narendra Modi corrupt? - Quora
- PM Modi corruption: Latest News & Videos, Photos about PM Modi corruption | The Economic Times
- How Modi Stopped Kejriwal From Appointing Anti-Corruption Officer In His Office | HuffPost India
- In defense of Modi's corruption record - Nikkei Asian Review
- How the Modi government is weeding out corrupt bureaucrats
- Modi govt 'most corrupt', its track record abysmal: Prithviraj Chavan - The Economic Times
- Modi report card: Anti-corruption efforts overshadowed by demonetisation - The Week
- Constitutional corruption in India: an analysis of two Bharatiya Janata Party scandals | Emerald Insight
- Under PM Modi s rule nation s development taking place in corruption free manner G Kishan Reddy -ANI - BW Businessworld
Corruption under Congress <2000 -2014
Manmohan Singh let MASSIVE corruption happen, closing his eyes
- He let Underlings manage the dirty money transactions
Once a person enters into public life, he can be called as corrupt if he knowingly allows the persons down under to be corrupt and also even if he support a person who is corrupt. -- Subramanian Swamy said re Manmohan Singh in Parliament